China and Japan have Helped Drive a Rise In Cryptocurrency Prices – Part 2
The following is a continuation from the previous post. It throws light on the acceptance of Bitcoin by China and Japan.
Institutional Acceptance of Digital Currency
The institutional acceptance of cryptocurrencies is spotted to be the consequence of the rise in digital currency values with the recent conclusion of the Global Blockchain Financial Summit in Hangzhou seeing intense interest from reputable institutions like Peking University, creating an Ethereum center to work on direct application use and protocol improvements in china. It is a down trace unit of the People’s Bank of China, the Royal Chinese Mint dedicated to its electronic banking mission even actively promoted the application of blockchain technology that is successfully going as far as to allocate those resources and developers in experimentation to digitize the Yuan.
Thereby in Japan, there are multiple large institutions now beginning to accept digital currency as a transactional entity validating its use to the Japanese population as a whole. Whereas on the market front the bitFlyer, Japan’s largest exchange is currently backed by all three of Japan’s megabanks, MUFJ, Mizuho, and SMBC.
Whereas by now it has been noted that on the consumer/retail side, influential electronics retailer Bic Camera has partnered with bitFlyer beginning acceptance of Bitcoin at its retail locations additionally Recruit Lifestyle is a part of HR conglomerate Recruit Holdings reported with a new partnership with exchange Coincheck using a part of a point of the sale implementation program. It is a fact to be noted that the acceptance of these digital currencies by the reputable groups have already helped fuel confidence in digital currencies for daily transactions by the Japanese, the institutional acceptance by those powerful organizations whereas in both China and Japan have been allowed cryptocurrencies’ values to rise as a whole.
Governmental Acceptance of Cryptocurrency
The news on crypto is that while it is no secret that the Chinese government has surely taken steps to regulate digital currency transactions, their scrutiny and initiatives cause a drop in biotin prices to around $ 1,000 just several months ago. It is a fact however that the PBoC is seeking to regulate this industry simply proving how viable it is a legitimate transaction entity with the Chinese government even taking steps to build their digital currency.
This comes with the announcement of potential withdrawals of Bitcoin on the horizon where the PBoC has just completed a trial run of their digital currency based on blockchain technology participation coming from major institutions such as the Bank of China and the Industrial and Commercial Bank of China as well as China’s first online bank called WeBank.
However, the Japanese government has also thereby taken huge steps in the acceptance of digital currencies as legal forms of tender along with Japan legally classifying Bitcoin as a form of payment. The currency has been ahead of China, as Japan has already begun licensure procedures for digital currency exchanges operate under the watchful eye of government’s Financial Service Agency as market leaders like those of bitFlyer have announced plans to apply for said license further driving investor confidence in the Japanese market and beyond.
Reportedly there is the occasion where the Japanese government has additionally announced that the sale from virtual currency under the new Fund Settlement Law would be exempt from the Japanese Consumption Tax (8%) that is further driving Bitcoin growth coming as an investment vehicle. This is following that whereas the acceptance of virtual currencies by both the Chinese and the Japanese government are driving cryptocurrency growth with Chin on the cusp of establishing their currency and Japan regulating Bitcoin as true legal payment.
Where, Why, And How In The Digital Currency Market?
There is more to be expected from this crypto market as more countries follow suit of China and Japan as they start regulating the Bitcoin movement as legal. To mark the birth of a new currency the countries worldwide are funding crypto development as developers and investors come in huge demand. More coins promise a future that is bright for all the currencies currently under circulation. Make sure you get to know each of them as they all have the best market investment policies and get the currency doing rounds everywhere.
The Final Thoughts On Digital Currency
While China and Japan lead the race, the world is waking up to a new morning and a new dawn on the crypto front. This helps the people to transact money beyond the borders with one global currency. Now the only problem remains as to know which one of the cryptocurrency is set to bag the top position. Regulations mean that they are more or less inevitable as global tender. More is to be seen and there come even more applications from the currency market. I hope you had a good discussion on the topic. Stay tuned for more.